Asian Crisis Watch: Bears Snare Fourth Asian Bourse: Thailand's SET

Membership to the Asian Bear Market Club has been growing amazingly fast.

Thailand's major equity bellwether, the SET, highlights the fourth bourse (Asia ex-China) to join the bear's camp during last three trading days.  

The above represents the SET down 20% from the May 2013 highs.

That's because today's crash aggravated the existing sagging conditions of the SET

Of course, the bears' week old Asian recruits include Hong Kong, Taiwan and Indonesia.  

Also, bears now control two major ASEAN indices.

Well, Thailand's stock market quandaries have been abetted by the falling currency,  the baht.

Like the rest of Asia, the US dollar against the baht has recently been surging

As I have been saying, the more the bears gain recruits, the greater the chances for an Asian Crisis 2.0. Of course, an Asian crisis will most likely have a global fallout.

Worst, a China crisis PLUS an Asian crisis will likely usher in a 1929 like global crisis but with the epicenter situated in Asia.